Disable Mail notifications on a per account basis

In the iOS Mail app I have two accounts configured.
It is possibile to have notifications (banner and sounds) turned on only for one of the two accounts, or the setting in Notification under Settings is global for all the accounts?

I'm using an iPhone 4 with the latest version of iOS 5.

You can't do that, but you can set the Mail account you don't need to be notified to only fetch new mail when you open the app.

Go to Settings > Mail, Contacts, Calendars > Fetch New Data > Advanced and change the schedule to Manual.

This is possible with iOS 6. Under Settings → Notifications → Mail, notifications can be changed or disabled on a per-account basis.

Once you select the account: Choose notification settings - Notification Center and Alert Style (Off and None, I assume). Then choose "New Mail Sound". Select the New Mail Sound and Select the Vibration (None and None, I assume).